Mon, 2022-12-12 14:27
RIYADH: Oil prices fell on Monday, deepening a multi-week decline, as a weakening global economy offset supply woes stemming from the closure of a key pipeline supplying the US and the Russian threat of a production cut.
Brent crude futures were down 79 cents, or 1.04 percent, at $75.31 a barrel by 01.15 p.m. Saudi time.
US West Texas Intermediate crude was at $70.30 a barrel, down 72 cents, or 1.01 percent.
Last week, Brent and WTI fell to their lowest since December 2021 amid concerns that a possible global recession will impact oil demand.
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